More funds for co-operatives after second-tier contribution rate cut to 15%

Membership-based businesses or co-operatives in Singapore will pay less on part of their annual surplus, freeing up more financial resources to better serve their members and the community. A second-tier contribution rate to the Central Co-operative Fund or Singapore Labour Foundation will be lowered to 15 per cent from 20 per cent. The revision is the first since 1990.